Singapore, July 24 (IANS): Resale prices of Singapore's public housing units built by the Housing and Development Board (HDB) continued to slide in the second quarter of 2015.

HDB said the Resale Price Index (RPI) fell by 0.4 percent from 135.6 in the previous quarter to 135.0 in the second quarter of 2015, the eighth consecutive quarter of decline.

Resale transactions increased by 27.8 percent quarter-on-quarter, from 4,135 cases to 5,286 cases, reported Xinhua.

The number of applications approved for subletting HDB flat rose by 1.2 percent, from 10,385 cases in the first quarter to 10, 510 cases in the second quarter.

As of June 30, the total number of HDB flats approved for subletting was 49,480 units, an increase 2.4 percent compared with 48,338 units in the first quarter.

A total of 13,426 flats were offered for sale in the first half of 2015, comprising 8,039 Build-To-Order (BTO) flats and 5,387 balance flats, HDB said.

About 80 percent of the resident population in Singapore live in high-rise flats built by HDB, which are sold to local households under the basic principle of one unit per household.